Issues related to venues, photographers, florists, and caterers the
top reasons for filing claims
HARTFORD, Conn.--(BUSINESS WIRE)--
Many couples will be basking in the glow of getting engaged this
Valentine’s Day, and Travelers wants to help protect them from potential
wedding day problems. The company today released its most common causes
for wedding insurance claims. Issues related to venues, photographers,
florists, and caterers were the top reasons for filing claims.
“No one likes to think of potential problems on what is supposed to be
one of the best days of your life,” said Ed Charlebois, Vice President
of Personal Insurance at Travelers. “However, with the average U.S.
wedding costing nearly $30,000, couples need to consider how to mitigate
the financial risks of planning a wedding.”
An analysis of Travelers’ wedding
insurance claims from 2014 found that:
- Forty-four percent of claims involved vendors that were hired
for the wedding and didn’t deliver as promised.
- Twenty-eight percent involved property damage to the venue that
was related to the wedding.
- Eight percent of claims resulted from sickness and injury
befalling the bride, groom, or key member of the bridal party leading
to cancelation or postponement.
-
Other issues, such as military duty/deployment and problems with
bridal party attire, each accounted for six percent of claims,
respectively.
The Wedding
Protector Plan from Travelers can help couples protect themselves
from financial losses caused by problems with vendors, special attire,
special jewelry, photography and more. Couples can also purchase
liability coverage as part of a wedding insurance policy to protect
themselves from liability due to property damage and personal injuries
to third parties at the event.
Some examples of losses wedding insurance covers, include: damage to or
loss of the bride’s gown or groom’s tuxedo; deposits if a vendor goes
out of business or simply does not show up; or loss of the rings before
the event (within seven days of the event).
The Wedding Protector Plan can be purchased from an independent
insurance agent or online. For more information, visit ProtectMyWedding.com.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
home
and business.
A component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of approximately
$27 billion in 2014. For more information, visit www.travelers.com.
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For The Travelers Companies, Inc.
Media:
Sperry Mylott,
860-277-5075
smylott@travelers.com
Source: The Travelers Companies, Inc.